Bitcoin 3-day Chart Indicates March 2020 Crash Recurrence

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Martes, Hunyo 14, 2022 2:00 PM

Bitcoin 3-day Chart Indicates March 2020 Crash Recurrence

According to Tradingview, the world’s most popular cryptocurrency, Bitcoin, hit a new low of $20,828 at the start of the week. Because of this new pricing, BTC lost 16.54% of its value in less than a day- almost $5,000 in value.

Although being the largest and most famous cryptocurrency, Bitcoin is notorious for its huge climbs and equally dramatic declines. For example, BTC skyrocketed to an all-time high of over $69,000 in November 2021, then plummeted to just under $30,000 by the start of 2022.

  May Kalabutan nga Pagbasa | Bitcoin Long-Term Holders Realize March 2020-Like Losses As BTC Crashes

Bitcoin’s value peaked above $30,000 on June 1, 2022, but dropped below that the next day. It is currently trading below $22,000. This decrease is linked to TerraUSD, a stablecoin, breaking its $1 peg and Luna subsequently falling.

Dugang pa, kini nagpakita sa global nga pinansyal nga kawalay kasiguruhan nga gimaneho sa pagtaas sa inflation samtang ang mga tigpamuhunan nagtinguha sa pagbaligya sa "mas peligroso nga mga kabtangan" sama sa mga cryptocurrencies.

The 3-Day Bitcoin chart Indicates a recurrence of the March 2020 Crash, based on the present state of the BTC market. Bitcoin’s popularity as a safe-haven asset began to wane in March 2020. It had lost half of its value in only two days.

Human sa pag-abli sa semana nga labaw sa $9,000, ang cryptocurrency kalit nga nahulog ubos sa $4,000 niadtong Marso 13, 2020. Apan, sa pagtapos sa mga merkado sa US, mibalik kini sa $5,400.

Bitcoin is currently trading below $22,000 on the daily chart | Source: BTC/USD chart from TradingView.com

Alang sa pagkahagsa sa Marso 2020, si Joe DiPasquale, CEO sa BitBull Capital, miingon nga ang global nga pandemya sa coronavirus hinungdan sa mga tigpamuhunan nga ibalhin ang ilang salapi sa salapi ingon usa ka porma sa pagpanalipod.

Dugang pa niya nga Bitcoin’s potential as a safe-haven asset is being questioned due to this steep decrease. But feels it is too early to look for any links between Bitcoin ug uban pang klase sa asset.

One factor contributing to bitcoin’s new lows is the halting of all withdrawals, transfers, and swaps between accounts by Celsius.

Celsius, a DeFi platform and one of the largest crypto lenders has been a significant cause of mistrust in the Bitcoin merkado.

 Related Reading | Rich Dad, Poor Dad Author Changes His Mind About Bitcoin? BTC Crashes To $23K

The network announced they had paused withdrawals, swaps, and transfers between clients via Celsius. This announcement was made in the early hours of June 13, following Bitcoin’s slide below $24,000 and the whole crypto market losing about $250 billion in only seven days.

As the company’s announcement stated:

Tungod sa grabe nga kahimtang sa merkado, karon among gipahibalo nga gipahunong sa Celsius ang tanan nga mga withdrawal, Swap, ug mga pagbalhin tali sa mga account. Gihimo namo kini nga aksyon karon aron ibutang ang Celsius sa usa ka mas maayong posisyon sa pagpasidungog, sa paglabay sa panahon, sa mga obligasyon sa pag-atras niini.

Ang orihinal nga tinubdan: NewsBTC